What is Galileo Protocol?
Galileo Protocol is a Multichain, peer-to-peer community platform created with QRC-20 token and QRC-721 tokenisation technology. The platform lets brands, owners, and customers discover, browse, purchase, and create NFTs tied to physical assets. The team calls these pNFTs. The term pNFTs refers to ‘physical Non-Fungible Tokens’, tokenised physical assets. These can apply to almost anything where ownership is essential, like real estate, luxury watches, and cars. PNFTs are the team’s response to a fundamentally global problem in the luxury goods market: counterfeiting. By tokenisation, they certify that the physical asset is authentic and provide a guarantee of its origin. This certification happens on a public blockchain, allowing them to create an ownership history log. The estimated global value of counterfeit goods is over 500 billion dollars. The pNFT is a digital representation of the physical object to which it is linked, a digital twin. It provides all the advantages of a conventional NFT (unique, traceable, immutable, and secure) while abstracting much of the complexity involved in trading a physical asset. Galileo’s pNFTs provide a valuable tool for buyers and sellers to establish the authenticity of the underlying asset.
The Galileo protocol will allow most people and businesses to tokenise real-world assets into NFTs. These NFTs are obtainable with fiat or cryptocurrencies, such as USDC, LEOX, QNT, and more. Galileo Protocol offers a plethora of services under its umbrella, including: – An open source marketplace – Cheaper and faster transactions – Currency and pNFT transfer – A wide variety of pNFTs to collect – Redemption and escrow system – Fiat & Crypto payment options – Defi lending protocol The LEOX token will serve as a utility token within the Galileo ecosystem.
The LEOX utility token functions as a digital currency you can use on the Internet when dealing with physical assets. LEOX will also enable critical functions, including serving as a medium of exchange for platform services, milestone rewards, transaction fees, and governance rights. The pNFT token model allows Galileo to provide a network of trust. This trust can offer many operational efficiencies and cost reductions for businesses operating in luxury markets.